How to Obtain a Mortgage for Property in Italy: Expert Advice
Italy’s allure as a destination for purchasing property extends beyond its scenic landscapes and historic charm. However, navigating the mortgage landscape in Italy can be complex, especially for international buyers. This guide aims to provide a detailed overview of obtaining a mortgage in Italy, drawing on expert insights and integrating essential information for non-residents.
The Mortgage Approval Process
The process of securing a mortgage in Italy involves several steps and considerations. Understanding these can help prospective buyers streamline their efforts and increase their chances of success.
1. Duration for Loan Approval
The loan approval procedure for international investors typically matches the timeline for Italian buyers. However, if the process takes longer, it may be beneficial to seek assistance from another bank or advisor to avoid unnecessary delays.
2. Maximum Loan Amount
For foreign customers, the maximum loan amount, or Loan to Value (LTV), usually does not exceed 60% of the property’s purchase price or appraised value, whichever is lower. In some cases, this can be as low as 50%. Therefore, buyers should be prepared to provide at least 40-50% of the property value as a deposit.
3. Additional Costs
When applying for a mortgage, consider the following additional costs:
Nestled in the captivating town of Taggia, Palazzo Littardi-Fornara stands as a testament to timeless elegance and refined living. This aristocratic 17th-century palace is located in the medieval historic center, and offers an exceptional opportunity to own a piece of history on the sought-after Riviera.
Discovering the Palazzo’s Rich Heritage Palazzo Littardi-Fornara is deeply connected with the baroque development of the Basilica square and has witnessed the presence of influential noble families in Taggia throughout the centuries.
Awe-Inspiring Architecture and Interior As you step inside the Palazzo, you are greeted by grand halls adorned with high ceilings and exquisitely decorated interiors. The impressive 17th-century portal, featuring ashlar jambs and a robust architrave with a frieze, serves as a striking architectural highlight. The main floor showcases majestic frescoed ceilings reaching an impressive height of 4.30 meters, offering a sense of grandeur and opulence. Each master bedroom exudes timeless elegance, providing a sanctuary of tranquility and sophistication.
At LiguriaHomes Casamare, we take immense pride in our partnerships and commitment to staying ahead of real estate trends. Our esteemed partner, Hamptons International, invited us to take part in their International Partner Day, and we were delighted to do so. This exceptional event, held in London, brought together industry experts from around Europe to discuss the latest real estate trends and explore new opportunities.
Hamptons International Partner Day
Exploring Real Estate Trends: During the International Partner Day, we engaged in insightful discussions on the dynamic real estate landscape. Valued colleagues shared their experiences and expertise, shedding light on a variety of topics. From sustainable architecture to the rising demand for smart homes, we delved deep into understanding the evolving needs and desires of modern homebuyers. The impact of technology on the industry, including artificial intelligence, virtual reality tours, and blockchain in real estate transactions, was also a focal point. These discussions provided invaluable insights that will shape our future endeavors.
Building Connections: One of the highlights of the event was the networking opportunities it presented. We had the pleasure of connecting with industry leaders and forging meaningful relationships. The shared passion for real estate and commitment to excellence created an atmosphere of collaboration and growth. Partners from diverse backgrounds and regions came together, forming a global network of professionals dedicated to driving innovation and success in the real estate industry.
An Unforgettable Celebration: To conclude this exceptional day, Hamptons International hosted an extraordinary after-show party at their award-winning garden at the Chelsea Flower Show. It was an enchanting setting, surrounded by stunning blooms and lush greenery. We joined in the celebration of the International Partner Day’s success, embracing moments of joy, delicious food, and engaging conversations. The Hamptons Mediterranean Garden, meticulously designed by Filippo Dester and built by Garden Club London, exemplified elegance, style, and attention to detail. It was an experience that added an extra touch of beauty and serenity to an already unforgettable occasion.
Hamptons Mediterranean Garden
LiguriaHomes Casamare extends our heartfelt gratitude to Hamptons International Team (Samantha McGladdery, Alasdair Hedley and Leal Ignatius) for organizing such a remarkable event. Their dedication to creating extraordinary experiences for partners and clients is truly commendable. We are honored to be a part of this partnership and look forward to collaborating on exciting projects and ventures in the future.
The International Partner Day organized by Hamptons International was a momentous occasion for LiguriaHomes Casamare. It was a testament to our commitment to collaboration, innovation, and providing exceptional experiences to our clients. Engaging in insightful discussions, forging meaningful connections, and celebrating our shared successes at the after-show party made it an unforgettable event. We are excited to embrace the opportunities that lie ahead and further strengthen our partnership with Hamptons International, as we continue to drive excellence in the real estate industry.
Contact LiguriaHomes Casamare today at info@liguriahomes.com. We look forward to helping you with any aspect of your property needs in Liguria, Italy or worldwide. Reach out to us and let’s make your real estate goals a reality.
We are thrilled to announce that we have recently become a proud member of the esteemed National Association of Realtors (NAR), – the leading professional association for Real Estate agents in the United States – reinforcing our commitment to providing exceptional real estate services.
If you are searching for a property in the breathtaking region of Liguria, Italy, our NAR membership brings a wealth of advantages that can enhance your property search experience.
How our NAR membership specifically benefits buyers looking for properties in Liguria:
Insider Knowledge of Liguria’s Real Estate Market: As NAR members, we have access to a vast network of experienced real estate professionals, including those with expertise in the Ligurian market. We stay up-to-date with market trends, local regulations, and the latest developments in Liguria’s real estate landscape. This insider knowledge allows us to guide you through the intricacies of the region, providing valuable insights and ensuring you make informed decisions throughout your property search.
Extensive Listings and Exclusive Opportunities: Our NAR membership opens doors to a wide range of listings and exclusive opportunities in Liguria. We have access to an extensive database of properties, including coastal villas, charming apartments, and picturesque countryside estates. Whether you seek a coastal retreat in the vibrant towns of San Remo or Bordighera or Alassio or a tranquil countryside escape in the hills of Dolceacqua, Dolcedo or Seborga, our network connections and resources ensure that we can present you with a diverse selection of properties that match your preferences and budget.
Local Connections and Collaborations: Our NAR membership enables us to establish meaningful connections with local professionals, including real estate agents, property developers, and industry experts in Liguria. Through collaborations and partnerships, we can provide you with an integrated approach to your property search. Whether you require legal advice, mortgage assistance, or architectural services, our extensive network allows us to connect you with trusted professionals who can facilitate a smooth and successful transaction.
Expert Guidance and Negotiation: Navigating the real estate market in Liguria can be complex, especially for international buyers. With our NAR membership, you benefit from our expert guidance and negotiation skills. We assist you throughout the entire buying process, from property inspections to price negotiations, ensuring that your interests are protected and that you achieve the best possible outcome. Our expertise in the Ligurian market empowers us to provide you with valuable market insights and guidance, enabling you to make informed decisions and secure your dream property in Liguria.
As a NAR member, we are dedicated to elevating your property search experience in Liguria, Italy. Our insider knowledge, extensive listings, local connections, and expert guidance ensure that you receive unparalleled support and access to exclusive opportunities. Whether you are searching for a coastal hideaway or a countryside retreat, our resources and expertise will be able to assist you in finding your ideal property in Liguria. Contact us today to start your journey towards owning a piece of this enchanting region.
The UK newspaper The Evening Standard recently visited the gorgeous coastline of Liguria, taking in the many sights and sounds of this amazing area of Italy.
Then 2014 could be the year to do so, because the pound recently hit 1.2258 against the euro, its strongest in 14 months or since January 10th last year, considerably cutting the cost of Liguria property.
To put this into context, sterling was as low as 1.1403 in March last year, meaning the pound has since climbed +7.5%, or 8 cents versus the euro. Were you to transfer £125,000 to buy a Liguria property, you’d therefore now receive +€10,688 more now than 12 months ago!
Sterling has risen, because the UK economy is firing on all cylinders. For instance, confidence among UK businesses recently hit its highest since September 2009. Moreover, the UK economy is forecast to expand +3.4% this year, more than any other major country.
At the same time, the euro has declined, because the Eurozone outlook remains cloudy. For instance, the currency bloc faces a serious threat of deflation, whereby prices continually fall. Moreover, the Eurozone will grow just +1.2% in 2014, according to official forecasts.
Looking forward, the pound could climb further against the euro, as the UK and Eurozone economies continue to diverge. For instance, while the Bank of England is primed to raise interest rates in Spring 2015, the European Central Bank will hold rates close to 0.0% for at least another 2 years.
In short then, Liguria property looks set to stay more affordable in 2014, as the pound leads against the euro!
By Peter Lavelle at currency broker Pure FX. To get free expert foreign exchange advice about the best time to transfer money to Italy for a Liguria property, call us on +44 (0) 1494 671800 or email enquiries@purefx.co.uk.
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